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The President of Ocwen Financial Services, based in West Palm Beach, Florida and a major player in the U.S. home loan market, "testified to Congress this week that more principal reductions are needed when troubled home loans are modified." Kimberly Miller, "Ocwen President to Congress: Principal Reductions Save Mortgages" (South Florida Sun-Sentinel.com republished from the Palm Beach Post on Friday, March 5, 2010).
Principal reductions may become another useful option to be explored during Residential Mortgage Foreclosure Mediations.
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